The Ucolumn is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations, including the closure of solvent companies.

Many of the items in the U column are derived from the Auckland High Court’s liquidations lists, which have finished for the year. The court officially resumes business in February, but there are some cases scheduled for January. The first liquidations list is set down for Friday 28 January.

Other details: Mr Hall is a director of OEH Holdings Ltd & QB Finance Ltd, and a former director of Halls Radio & Electrical Services Ltd.

Voluntary liquidation:Sky Blue Investments closes

Company: Sky Blue Investments Ltd

Directors: Duane Davies, Adelaide, ex-Beachlands

Liquidation: 23 December

Solvent: No

Liquidators: Jeff Meltzer & Lloyd Hayward (Meltzer Mason Heath)

Creditors’ claims: Friday 4 February

Other details: The company contracted to buy development land in Northland as trustee for the Sky Blue Trust, but said the vendor couldn’t deliver because of ground instability and also hadn’t refunded the deposit. Mr Davies is a director of Castlebar Capital Ltd, Davies Group Holdings Ltd, DMD Finance Ltd (removed from register April) & Sky Blue Investments Two Ltd, and a former director of Angas Securities NZ Ltd, Debt Capital Management Ltd & Tosland Holdings Ltd.

Banned from managing a company: Bridgecorp director Steigrad banned

Banned person: Peter Steigrad, Sydney

Start date: 7 December 2010

Finish date: 7 December 2015

Banned person’s interests: Mr Steigrad is a director of Bridgecorp Ltd and a former director of J Walter Thompson International (NZ) Ltd, Young & Rubicam Holdings Ltd. He faces trial in 2011 on Securities Act charges, along with the rest of Bridgecorp’s directors. Receivers were appointed to Bridgecorp in July 2007 and it was wound up in August 2008.

Other details: The company was the corporate trustee for the Takapuna Village Trust, which developed the Sentinel apartment tower in Takapuna. The liquidators have noted in their report that apartment sale prices post-2008 were well below those when the project started in 2006. The company has 2 apartments left with a book value of $3.5 million, still owes secured creditors $16.2 million and has an estimated $13.6 million net deficit. Mr Martin is a director of Albany City 2005 Ltd, Albany City Development Corp Ltd, Albany Investment Holdings Ltd, Albany Land Trust Ltd, CDCA Ltd, Cornerstone Group Ltd, EMC Property Services Ltd, Moana Court Ltd, Northern Advisory Ltd, North Shore Properties Ltd, North Shore Property Investments Ltd, North Shore Residential Ltd, Silverstone Business Park Ltd, South East Properties Ltd, Waimauku Estate Ltd & several trustee companies.

Other details: The company advised the Trusts Charitable Foundation, which distributes funds for the Waitakere Licensing Trust, but Mr Flaunty said in his 2010 trust president’s report the Department of Internal Affairs had classified the company’s expenses as excessive & unnecessary. Mr Flaunty was a Waitakere City councillor and was elected in October to the Henderson-Massey, Rodney & Upper Harbour Local Boards, the Waitemata District Health Board & the Waitakere Licensing Trust. He’s a director of Cedel Downs Ltd, Massey Pharmacy Ltd, Norsga Properties Ltd, The Trusts Community Foundation Ltd & Westgate Pharmacy Ltd. Mr Clow, also a former Waitakere City councillor, was Portage Trust president for 11 years. He’s been elected to the Henderson-Massey Local Board. Mr Clow is a director of Blacklock & Francis Ltd, Gaia Food Ltd & The Trusts Community Foundation.

Voluntary liquidation:Waterman Building Supplies closes

Company: Waterman Building Supplies Ltd

Directors: John Beveridge, St Heliers

Liquidation: 20 December

Solvent: No assets or liabilities, but a possible voidable transaction claim against it

Other details: Mr Beveridge is a director of Fletcher Distribution Ltd, Inzievar Properties Ltd, Placemakers Ltd and numerous building supply companies (many of them no longer in use). This company was sold as a going concern in November 2008. 49% owner was Waterman Enterprises Ltd (Mark Waterman, Hamilton).

Voluntary liquidation:White Rose Cabinets closes

Company: White Rose Cabinets Ltd

Directors: Mohammed Zahim, Manurewa

Liquidation: 20 December

Liquidators: Pritesh Patel, Papatoetoe

Creditors’ claims: Friday 14 February

Other details: The company changed its name from Ziyaad Cabinets Ltd in July 2009. Mr Zahim is a director of White Rose Stylish Living Joinery Ltd (incorporated 1 April) & Whiterose2010 Ltd (incorporated 11 November).

The Ucolumn is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations, including the closure of solvent companies.

Many of the items in the U column are derived from the Auckland High Court’s liquidations lists, which have finished for the year. The court officially resumes business in February, but there are some cases scheduled for January. The first liquidations list is set down for Friday 28 January.

Other details: The company changed its name in February 2009. Both Frises are directors of Northern Vein Clinic Ltd & Northridge Specialists Ltd and Mr Fris is a director of Haris Ltd and Obesity Management & Surgical Procedures NZ Ltd.

Voluntary liquidation:Grant Thornton closes Auckland company

Company: Grant Thornton Auckland Ltd

Directors: The accountancy firm has 12 directors

Liquidation: 22 December

Solvent: Yes, group restructuring

Liquidators: Michael Dunshea (Grant Thornton NZ Ltd)

Creditors’ claims: Tuesday 25 January

Other details: The business continues under the Grant Thornton NZ name.

Receivers enter Optima Construction day before vote on debt compromise

OT Holdings closes

Pathway Therapeutics closes NZ company

NZ Fresh-Cuts renamed, closes

Playzone NZ closes

Positive Impression Co closes

Names, connections, 2+2

The Ucolumn is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations, including the closure of solvent companies.

Many of the items in the U column are derived from the Auckland High Court’s liquidations lists, which have finished for the year. The court officially resumes business in February, but there are some cases scheduled for January. The first liquidations list is set down for Friday 28 January.

Other details: The company had proposed a compromise scheme with its creditors which relied on sale of 3 properties in Capital Place, Papatoetoe, with John Gilbert (C&C Strategic Ltd) as trustee. A creditors’ meeting had been schedule for 23 December. Ms Teshich is a director of BT Concept Ltd & Optima Solutions (*NZ) Ltd.

Items in part 1 of this week’s U column are from a receivership and Andrew Krukziener’s decision to file for bankruptcy. Items in parts 2-3 are from the Auckland High Court liquidations & miscellaneous lists on Wednesday 15 December, before Associate Judges Roger Bell & John Faire.

The Ucolumn is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations, including the closure of solvent companies.

19 December 2010:

Application to wind up: Access Productionsfaces liquidation

Defendant: Access Productions Ltd

Directors: Callum MacEwan, New Lynn

Applicant: Inland Revenue

Hearing date: Friday 11 February at 10am

Other details: Mr MacEwan is a director of Acme Camera Hire Ltd.

Application to wind up: Auckland Concrete Homes faces liquidation

Defendant: Auckland Concrete Homes Ltd

Directors: Jason Frost, Morningside; & Tony Songhurst, Howick

Applicant: Gunac Central Auckland Ltd (in liquidation)

Hearing date: Friday 4 February at 10.45am

Other details: Mr Frost is a director of Create Ltd, Group Masonry Ltd & Group Masonry Franchising Ltd. Mr Songhurst is a director of the Group Masonry companies & Songhurst Rentals Ltd.

Other details: Mr Jillings & Mr Thomas are directors of some companies removed from the register several years ago, including Calypso Pools Ltd, and Mr Thomas is director of Project Pools Ltd (incorporated 2 November).

Application to wind up: Eco Build North Shorefaces liquidation

Defendant: Eco Build North Shore Ltd

Directors: Keith Aldous, Greenhithe

Applicant: Nick Letica Building Supplies Ltd

Hearing date: Friday 28 January at 10am

Other details: Mr Aldous is a director of Cairn Developments NZ Ltd (removed from register February), Architecture 24 Ltd & North East Ltd.

Voluntary liquidation: 2 of Hoffman’s Global trust companies close

Company: Global Legacy Trust Ltd & Global Succession Trust Ltd

Directors: Peter Hoffman, Hamilton

Liquidation: 14 December

Liquidator: Iain McLennan (McDonald Vague & Partners Ltd)

Creditors’ claims: Friday 28 January

Other details: Mr Hoffman was bankrupt 1984-87 after the cheap-homes schemes he ran in Auckland collapsed. One liquidator’s report filed this month says Mr Hoffman died in February, but no companies of which he’s a director have been updated this year with director changes. He remains listed as a director of Agape Charitable Trust Ltd, Crystal Platinum Ltd, Golden Trees Group of Companies Ltd & 4 other Golden Trees companies, Global Development Finance Corp Ltd (incorporated in February), Global Technology Bonds Ltd, Inner Circle Trade Ltd, Mecca NZ Ltd (also incorporated in February) & numerous other Mecca companies, Old Money Family Trust Ltd (wound up 17 May), Perpetual Power Ltd & 3 other Perpetual Power companies, The Investors Protection Co Ltd (in receivership & liquidation) & World of Homes Ltd.

Other details: The companies are owned by GMAC Inc (now Ally Financial Inc, 16.6% owned by General Motors, 56% by the US Treasury through its bailout programme at December 2009). GMAC Financial Services turned round from an $8.3 million loss in 2008 to a $4.7 million profit in the December 2009 year on revenue down from $58.2 million to $32.1 million, but also reduced borrowing costs from $41.3 million to $14 million after deciding to close its New Zealand businesses from the start of 2009.

Items in part 1 of this week’s U column are from a receivership and Andrew Krukziener’s decision to file for bankruptcy. Items in parts 2-3 are from the Auckland High Court liquidations & miscellaneous lists on Wednesday 15 December, before Associate Judges Roger Bell & John Faire.

The Ucolumn is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations, including the closure of solvent companies.

Items in part 1 of this week’s U column are from a receivership and Andrew Krukziener’s decision to file for bankruptcy. Items in parts 2-3 are from the Auckland High Court liquidations & miscellaneous lists on Wednesday 15 December, before Associate Judges Roger Bell & John Faire.

15 December 2010:

Bankruptcy: Andrew Krukziener bankrupt

Bankrupt: Andrew Krukziener, St Heliers

Bankruptcy date: 15 December, debtor’s petition

Applicant for court order: Inland Revenue

Other details: Mr Krukziener filed for bankruptcy late morning, one day ahead of his return to court for the resumption of his application for court approval for an insolvency proposal. His scheme was opposed by Inland Revenue but he’d hoped to secure an informal agreement with the department. When that failed, bankruptcy was inevitable and he chose to file for it himself rather than wait for the court order.

Other details: The company, owner of the Pike River mine north of Greymouth where 29 miners died in last month’s underground gas explosions, reported a $39 million net loss for the June year and net assets of $262 million. Pike River shares were suspended from trading on the NZX today. Mr Dow said: “The company finds itself in a precarious position financially as a result of the events of the last 3 weeks. The only prudent action we could take was to approach our major creditors and advise them we were unlikely to be able to repay our loans at the end of the standstill period that NZOG & the Bank of NZ offered us after 19 November.”

About Bob Dey Property

The Bob Dey Property website is primarily about commercial & development property in Auckland, policies & strategies that impact on the sector, listed property securities and wider economic influences. It examines infrastructure, access & urban design issues, and presents ideas from around the world. The emphasis is on appropriate depth & context.